Ursa Fund Management is based out of Danville. Ursa Fund Management is a hedge fund with 2 clients and discretionary assets under management (AUM) of $633,586,173 (Form ADV from 2025-03-27). Their last reported 13F filing for Q1 2025 included $39,026,126 in managed 13F securities
and a top 10 holdings concentration of 90.24%. Ursa Fund Management's largest holding is Equity Commonwealth with shares held of 7,025,000. Whalewisdom has at least 35 13F filings, 5 13G filings, and 12 Form 4 filings
Business Description
Ursa serves as the investment manager to the Funds, aiming to generate superior risk-adjusted returns through investments in the corporate action and event-driven space. To achieve this, Ursa uses proprietary scanning methods of corporate filings along with extensive research and analysis to identify attractive investment opportunities.
The Funds primarily invest in publicly-traded equity securities and derivatives, but may also invest in other types of instruments that Ursa considers appropriate and in the Fund’s best interests. The Funds may also employ an interest rate arbitrage strategy to potentially collect a higher implied interest rate through a combined stock versus options structure than the debt financing rate paid to the clearing firms utilized by the Funds.
Investment Strategy
Ursa serves as the investment manager to the Funds, aiming to generate superior risk-adjusted returns through investments in the corporate action and event-driven space. To achieve this, Ursa employs proprietary scanning methods of corporate filings, extensive research, and analysis to identify attractive investment opportunities. The Funds primarily invest in publicly-traded equity securities and derivatives, but may also invest in other instruments deemed appropriate by Ursa. Additionally, the Funds may utilize an "interest rate arbitrage" strategy to potentially collect a higher implied interest rate through a combined stock versus options structure.
Ursa focuses on "Big Event" opportunities, conducting extensive research and game planning for promising investments, and may make follow-on investments in these opportunities. To cover costs and generate small positive returns, Ursa also invests in "Small Event" opportunities each month. Ursa intends to employ a discerning and patient approach, only trading in opportunities with favorable risk-reward characteristics.
Owners
- HAHN, ANDREW, PHILIP - MANAGING MEMBER, CCO
- DOUGLAS, RUSSELL, PALMER - MANAGING MEMBER Click on the Ownership/Private Fund Data tab for more details.
Other Contact Information
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2025-03-31
Top Buys (13F)
| Name | % Change |
|---|---|
| EQC Equity Commonwealth | 28.16% |
| AB AllianceBernstein Ho | 19.63% |
| DM Desktop Metal, Inc (CALL) | 11.7% |
| PARA Paramount Global (CALL) | 4.6% |
| IBIT iShares Bitcoin Trus (PUT) | 4.5% |
2025-03-31
Top Sells (13F)
| Name | % Change |
|---|---|
| MSFT Microsoft Corporatio (PUT) | 33.84% |
| MSFT Microsoft Corporatio | 31.94% |
| MSTR Strategy Inc (PUT) | 10.3% |
| MSTR Strategy Inc (CALL) | 6.62% |
| AAPL Apple Inc (PUT) | 4.33% |
2025-03-31
13F Holdings Summary
| Name | $ Change |
|---|---|
| EQC Equity Commonwealth | 28.98% |
| AB AllianceBernstein Ho | 19.63% |
| DM Desktop Metal, Inc(CALL) | 11.7% |
| LGF.A Lions Gate Entertain | 7.11% |
| PARA Paramount Global(CALL) | 4.6% |
2025-03-31
13F Activity
| Market Value | $39.0m, Prior: $1.33b |
| Inflows (Outflows) as % of Total MV | (-35.2782)% |
| New Purchases | 15 stocks |
| Added To | 3 stocks |
| Sold out of | 13 stocks |
| Reduced holdings in | 2 stocks |
| Top 10 Holdings % | 90.24% |
| Turnover %[1] | 82.35% |
| Turnover Alt %[2] | 64.62% |
| Time Held Top 20 | 0.3 quarters |
| Time Held Top 10 | 0.1 quarters |
| Time Held All | 0.95 quarters |
[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.
[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.
2025-03-31
13F Sector Allocation Over Time
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2025-03-31
Analysis
Top 20 equal-weighted holdings. Performance numbers calculated through 2025-03-31